The Authority for Investments and Development of the Industry and Economy
About
The Investment and Development Authority for Industry and Economy (formerly the "Investment Center") operates by virtue of the Capital Investment Encouragement Act of 1959 to provide grants and benefits to the industrial and business sectors of the economy.
This law is one of the central economic tools of the government to encourage capital investment, develop the periphery, create jobs and promote innovation and productivity.
Encouraging Capital Investment
The Investment and Development Authority for Economic and Industrial Development, in the Ministry of Economy and Industry, was established and operates under the Law for Encouraging Capital Investments of 1959, to provide grants and benefits to the industries and business services in the economy.
The law is one of the key economic tools used by the government to encourage capital investment, develop the periphery, create jobs and promote innovation and productivity.
Two Legal Tools for Encouraging Capital Investment
Capital Grants – with which the Investment Authority is entrusted.
Tax benefits – with which the Tax Authority is entrusted.
The grants have enabled the establishment of factories, plant expansion, copying and expansion of factories in both traditional and high-end industries, in the north of the country and in the south and in other developing areas. Tens of thousands of new jobs were created in the industry directly, as well as tens of thousands which were created indirectly.
Employment Tracks
The Investment Authority is also working to help and encourage employers to absorb new employees through tracks that address employee demand.
A central and important track that the Authority operates is one aimed at integrating special populations whose participation rate in the job market is low, such as: the Ultra-Orthodox, minorities, disabled people, and single parents.
Another track is incentivizing employers in national priority areas to create high-paying jobs in these areas of manufacturing and computing.
Green Economy Tracks
The Investment Authority also promotes aid tracks that support a green economy. These tracks promote government programs that combine economic need with improving the living environment.
One of them is a joint track with the Ministry of the Environment, which mainly reduces greenhouse gas emissions by upgrading technology and using clean, economical and less polluting energy.
Another track, which works in conjunction with the Gas Authority and the Ministry of Energy, Water and National Infrastructure, is designed to help convert and connect consumers to natural gas use.
Special tracks
The Authority also operates special support tracks, which vary according to current needs.